Can't get money transfer?

BatchedMetting

Hello,

About a 4-6 weeks ago I got a Virgin 0% credit card with a limit of about £6.5k.

It was 0% interest for money transfers and credit card balance transfers.

I sent about £2.7k to my Natwest overdraft and about £3k to my Natwest credit card.

Now I'd like another £6k of money transfer to pay off a debt (not credit card debt) but when I look on the MSE Credit Club and under the Money Transfer Cards tab, it says I have a 0% chance of being accepted for any of them. It says I am "not eligable for this card" (only Virgin and MBNA cards are listed).

If I look under the Balance Transfer Cards tab, it says there's a 90% chance of getting a few different 0% balance transfer cards from Barclays. Then 80% of a Barclays Platinum and an Aqua card.

Then 60% for Tesco, 50% for Lloyds and Bank of Scotland.

Is there any reason why I'm not looking good for the money transfer cards?

I have £0 on my Natwest Credit Card, thanks to the Virgin balance transfer.

Could I make an application for a balance transfer and ask to have the money put on the Natwest Credit Card, putting me in credit, then move the money off the Natwest Credit Card to pay off the debt I'm trying to pay?

Or will they see there is £0 on the Natwest Credit Card and say no?

Any other way to get a 0% money transfer card?

Thanks!

YorkshireBoy

Tesco do money transfers, but the fee is a little higher.

Creating positive balances is a little risky, since if they send the money back (as some say they will in the T&Cs) you've wasted a fee. For that reason I'd only risk it with a fee free card.

BatchedMetting

I will have a look at the Tesco one, thanks. Are they fairly lenient?

And thanks for letting me know that could be in the T&C (is that the T&C of the new card or the T&C of the card receiving the money?

I have had a positive balance on my Natwest Credit Card of £100 or so.

Thinking about it, I could actually pay the debt with a credit card. So maybe a card with 0% interest on spends might be better/easier to get?

YorkshireBoy

BatchedMetting wrote: »

I will have a look at the Tesco one, thanks. Are they fairly lenient?

I would have said no, historically (I've had 5 or 6 over the years), but of the two I have at the moment they gave me £5K and £10K, the larger limit being on the second of the two.

And thanks for letting me know that could be in the T&C (is that the T&C of the new card or the T&C of the card receiving the money?

Only the receiving provider knows what the balance is.

I have had a positive balance on my Natwest Credit Card of £100 or so.

There's a world of difference between a £100 +ve balance, resulting from a refund perhaps, and a deliberately created £6K +ve balance.

Thinking about it, I could actually pay the debt with a credit card. So maybe a card with 0% interest on spends might be better/easier to get?

The benefits the card offers won't determine the ease of acceptance.

Weybridge78

Barclaycard also do money transfers, although these offers are more challenging to get than the balance transfers.

Nebulous2

Weybridge78 wrote: »

Barclaycard also do money transfers, although these offers are more challenging to get than the balance transfers.

I don't think they offer them, other than to existing customers. I regularly get offers on both my Barclaycards. They're changing the cashback card though and have told me I can accept the new cashback card or ask to transfer to another Barclaycard. Looking at the list money transfers aren't offered.

BatchedMetting

Weybridge78 wrote: »

Barclaycard also do money transfers, although these offers are more challenging to get than the balance transfers.

Thanks. I might just look for a 0% purchase one then so I can make the big 'purchase' and then pay if off at 0% over the 20-30 months they give me.

m_c

The big thing against getting a new card that I see, is you've only just recently got a new card.
Could you wait another 2 or 3 months, before applying for any new cards?

BatchedMetting

Maybe a month or two although I could use my high-interest Natwest credit card for the payment and then hope I can pick up a 0% a month or so later!

BatchedMetting

Nebulous2 wrote: »

Looking at the list money transfers aren't offered.

Thanks will cross that one off the list!

I guess it's not possible to have two Virgin cards and get the 0% offer twice?

RememberMe

I got a Tesco card a couple of weeks ago and they offered a money transfer for the same period as a balance transfer, which wasn't mentioned on the MSE eligibility checker.